Abu Dhabi Ship Building is expanding its business of servicing and repairing commercial vessels amid a slowdown in orders from regional military clients.
The region’s biggest publicly traded shipbuilder is targeting more commercial clients as governments reduce spending after the steepest drop in oil prices since the financial crash of 2009.
“The company used to depend heavily on military contracts, which is perfect and fine but it takes long to negotiate and build and you don’t want to have the risk of ‘when are we going to get orders’, especially amid the financial crisis,” said Khaled Al Mazrouei, the chief executive of Abu Dhabi Ship Building.
“So we decided to concentrate on the services and the margins on the services are better.”
While most of the commercial ships, which are being serviced under the new strategy, are from the oil and gas industry in the region, the company has beefed up its marketing team and is trying to attract a broader array of commercial vessels.
At the same time, the company has also been bolstering its military repair and servicing capabilities. Arabian Gulf militaries like to order ships from Abu Dhabi Ship Building because of their familiarity with regional specifications as well as the proximity of maintenance teams, the company’s chief executive said.
The UAE Navy and the Coast Guard have been among the biggest customers while in the Gulf, Kuwaiti customers have been especially keen to engage the services of the company.
Mr Al Mazrouei said that regional customers not only get a better price compared to competitors outside the region but also ships that are designed with regional conditions in mind.
“When they buy, GCC customers look at the quality of the ships and the design and also the water in the Gulf is different from water elsewhere, therefore we know the specifications,” he said. “We are from the area and so we know their needs.”
Abu Dhabi Ship Building was established in 1996. It sprung out of a defence offset agreement whereby the UAE purchased military hardware from western countries in exchange for investment in local industries as well as the transfer of know-how to them.
Since it started, Abu Dhabi Ship Building has built 167 ships, delivering them to clients around the region as well as to customers in the Indian subcontinent. Of the total, 60 ships have gone to the UAE Navy and the Coast Guard.
Mr Al Mazrouei spoke to The National after the official inauguration yesterday of the company’s first floating dry dock at Mina Zayed, which started operating in summer last year.
The floating dry dock adds to the company’s service capabilities, allowing Abu Dhabi Ship Building to service ships that are too large to be handled at its facility in Mussaffah.
The new facility allows the company to dock vessels up to 180 metres in length, almost the length of two football pitches, and 30 metres wide. The floating dock has received 20 customers since going into service.
mkassem@thenational.ae
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
More from Rashmee Roshan Lall
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY%20PROFILE
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The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Company%C2%A0profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
65
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UAE currency: the story behind the money in your pockets
PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)
Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
DUBAI%20BLING%3A%20EPISODE%201
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